Cairo: The World Bank has approved a $1 billion financing package aimed at supporting Egypt’s initiatives to boost job creation through private sector involvement and to fortify economic reforms.
According to Bahrain News Agency, the package features a $200 million credit guarantee designed to aid Egypt’s economic reform programme. The World Bank highlighted the programme’s objectives, which include enhancing the investment climate, job creation, improving public financial management, fostering sustainable economic growth, and accelerating Egypt’s transition towards a green economy.
The bank acknowledged that Egypt has recently undertaken a series of economic reforms. These reforms involve exchange rate unification, stronger fiscal discipline, and changes in tax and administrative policies. These steps have contributed to enhancing economic stability, increasing foreign reserves, reducing inflation, and boosting market confidence.
This financing is a part of a triad of development policy financing programmes offered under concessional terms. It aligns with the strategic partnership framework between Egypt and the World Bank Group for 2023 – 2027. Additionally, it supports Egypt Vision 2030 and the country’s national strategies for sustainable development and green transition.